Pension Rates to Increase for Local Governments

Pension costs are set to increase again for both the state and local governments, according to state figures released Friday.

Starting April 1, the state, counties and municipalities will contribute an average of 20.9 percent of salaries into the state pension system, state Comptroller Thomas DiNapoli announced. It’s an increase of 10.6 percent over the current fiscal year.

The bump is a bit sharper for police and fire pensions. Those costs will increase from 25.8 percent to 25.9 percent28.9 percent, a 12 percent jump.

While the rise is significant, it’s less stark than in previous years.

This year, contribution rates jumped 16 percent for the state’s Employee Retirement System and 19 percent for police and fire.

The previous year, state and local governments saw their rate increase by 37 percent.

“The Common Retirement Fund has experienced solid gains the last three years and continues to rebuild from the substantial financial market loss of 2008-2009,” DiNapoli said in a statement. “The rise in the employer contribution rate has slowed this year, but there will continue to be upward pressure on rates through Fiscal Year 2014-2015 reflecting the impact of that loss.”

15 Comments

Hadit

This idiot DiNapoli has no idea what he’s doing. Now we’re replenishing again this enormous UNION fund with even MORE taxes! But, first things first. Vote OUT all the birdbrains up in Albany who got us into this mess and who CONTINUE to make it even WORSE! Then vote out all the local school and municipal officials who have absolutely no clue on how to run even a single lemonade stand on the side of the road without asking the government for 10 billion dollars just for the cups.

Habidasharian is tonight conspicuous in his absence. If he has been silenced by the Lohud KGB, there will no doubt be a first amendment suit filed either pro se or, if he can find a sympathetic pro bono advocate, by that noble soul. And, way down the line, an eventual mixed decision from the Supremes. As with the NY Times, which will print no blog comments from anyone to the right of Karl Marx, perhaps it’s time, in all fairness, to force a reassessment of free speech guarantees.

The only solution is for all taxpayers who think to remember
-the 8 years of Republican Geo Bush “free market” thinking, talking, and looking the other way when billionaires on Wall St created self serving bogus investments

WHICH caused the loss of:

-millions of jobs (taxpaying middle class jobs)
-billions in the value of jeopardized 401K retirement plans
-the collapse of many firms dependent on consumer spending by the middle class taxpaying customers
-and the instant bail out of Wall St billionaires by Geo W Bush and his Republican cronies in the final days of his crooked administration
—The full extant of the Republican bailout was never revealed until years later and amounted to TRILLIONS of bailout for Wall St, Insurance firms, and crooked Banks such as Citi, BOA, Wells Fargo and other “too big to fail pirates in the Republican country clubs”

Now that those horrors are still hurting middle class taxpayers we have to remember those Republican shenanigans
when we vote to K I C K O U T A L L ALL R E P U B L I C A N S in Nov 2012 and each election day.

Middle class taxpayers in NYS public employment who collect an average pension of barely $18,800 per year are not the cause of your economic troubles.

REPUBLICANS CAUSED the troubles in the Geo W Bush years no matter how many times the Republicans continue to deny it after spending 4 solid years in Washington roadblocking every effort Pres Obama has proposed for middle class help.

This is quickly becoming a nation of non-profits, not-for-profits, School Board union profligacy with dismal results, SSI, Food Stamps, and Disability. The glory that was Rome is of another day. Furthermore, you can thank Andy Cuomo, Ballerina Barney Frank, Freddy and Fannie, et al for initiating the mortgage crisis by demanding that banks loan boatloads of billions to deadbeats in the interest of “fairness.” Little wonder that, in self-defense, they did all they could to package these mortgages and get rid of them. No one’s complaining about $18,000 public sector pensions. They’re complaining of $125,000 pensions. And Obama has been a disaster both internationally and domestically. Tell the whole truth. The public is not so dumb as you seem to think they are.

Nochelle:
Tell the Truth: Pres Obama has been roadblocked by a h bent Republican do nothing pack of liars in Congress who will oppose anything he proposes

He will win again in November because people who think understand that we need to elect more Democrats and get rid of the likes of Boehner McConnell and those who control them and buy millions of false TV ads slamming Pres. Obama

Ryan and Romney are disasters for any thinking middle class working family and you know it too but refuse to admit it ..

When he says “you didn’t build it,” Obama is thinking of himself and his hordes of acolytes who truly didn’t “build it.” They consist of boatloads of freeloading, useless, pseudo -intellectuals who have never had a real, productive job, received their “advanced” education thanks to various special treatment, special programs, and taxpayer funds, and sashay through life on the public teat, building nothing themselves, but angrily complaining about everyone who DID actually “build it.”

We have billions backing our lies and we will keep saying them over and over and over until the stupid Republican little people vote for our way without seeing they are cutting their own throats after they give us the knife.

Even if we sweep all the big spenders out of Washington, we’re still stuck with this wacky lefto NY and all the wacky lefto mayors of the cities, few of whom have the nerve, or ever will have the nerve, to get a handle on the profligate unions or the public sector in general. Maximus funny that in soon-to-be bankrupt California, Governor Jerry Brown is beside himself that Facebook dove to half price when he had planned on billions in taxes and capital gains from the 1%’rs, the very capitalists that he derides and demeans so much.

if the cost of pensions goes up 12% a year given compounding the cost doubles in 7 years..
and doubles again in 14..does anyone understand that with interest rates below 3% that is
a formula for bankruptcy?